Business

Generally Marketed Entities and Distinction between Products and Services

Entities that are Generally Marketed include;

1) Goods: Any physical product

2) Services: All professional services provided by professionals or organizations

3) Events: Trade shows, contracts, sports, etc.

4) Organizations: Corporate, Business Concerns, Universities, Museums, etc.

5) Places: Countries, States, Cities, etc

6) Properties: Real Estate, Stocks, etc

7) Persons: Celebrity marketing

8) Experiences: Theme parks, theme hotels, amusement parks, water parks, etc.

9) Information: Information about every possible aspect

Read Also: Product Classification of Industrial Products

10) Ideas: Family planning, AIDS awareness, prevention of drugs, smoking, g, and drinking, etc.

The Distinction between Products and Services

The distinction between products and services in a product is defined as “Anything that can produce the satisfaction use or perhaps, the profit desired by the customer”.

Product and services are the words used interchangeably in banking, Accounting, Insurance, and Parlances.

The financial service produces are deposits, borrowing, or other products like credit card or foreign exchange transactions which are tangible and measurable whereas services can be such products plus the way/manner in which they are offered that can be expressed but cannot be measured i.e. intangibles.

Better service is more important than just a good product in the marketing of banking, insurance, accounting, and financial market services, so the focus should be on the want and need of satisfying that product or service.

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